ISLAMABAD – January 12: The Securities and Exchange Commission of Pakistan (SECP) has filed a criminal complaint in a court against Eastern Capital Limited, ex-member of the Karachi Stock Exchange (KSE) and all those, including its director, involved in non-transfer of shares/funds and unauthorized pledges of client’s shares and other prohibited activities under Section 24(2) of the Central Depositories Act 1997 as well as offences under relevant provisions of the Pakistan Penal Code (PPC). The warrants for all the accused have been issued. The SECP received numerous complaints/claims against five KSE brokers mainly pertaining to the alleged non-transfer of shares and non-payment of funds. The SECP directed the brokers to expedite resolution of complaints/claims and issued instructions for the immediate transfer of shares/funds to the claimants. The brokers failed to remedy the situation, obliging the SECP to suspend registration of Eastern Capital Limited and four other brokers. More...

Karachi Stock Exchange (KSE) has asked its members, investors and clients to submit claims arising out of transactions made against its three expelled members Eastern Capital Limited, ClikTrade Limited and Capital One Equities Limited. It may be noted that these three brokers were expelled by KSE for not resolving investors’ complaints after the Security and Exchange Commission of Pakistan (SECP) had suspended the registration for not resolving investors complaints. KSE said that claims alongwith supportive evidence could be directly submitted to CSIR Department of KSE. Claims against Capital One Equities can be despatched to Post Box No 5550 of Karachi City GPO with postal code of 74000 before September 25, 2009. Similarly, claims against Eastern Capital can be despatched to Post Box No 5551 of Karachi City GPO and claim against Cliktrade can be sent to Post Box No 5552 of Karachi City GPO with postal code of 74000 before September 25, 2009.